'States are stepping up to make billionaires pay their fair share, and it's time for Congress to take action too,' said SenWarren.
at the text of the coming legislation,"some of the state bills resemble the 'wealth tax' that Sen. Elizabeth Warren pitched during her 2020 presidential candidacy."
"The highest earners pay a 20% tax on capital gains while paying a 37% tax on wages—a disparity that some Democrats want to close," thecontinued."If federal rates on capital gains are lower, state rates on capital gains should be higher, these lawmakers argue." The groups estimated that a federal"wealth tax of 2% on millionaires with wealth over $5 million, 3% on those with wealth above $50 million, and 5% on American billionaires would raise $583.5 billion annually," enough revenue to"increase education spending by 47.3%."
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